'Movie industry in America is dying very fast death': Trump orders harsh tariffs on foreign films
Photo: US President Donald Trump (Getty Images)
Donald Trump has announced the introduction of tariffs on all foreign films, stating that Hollywood is in decline and other countries pose a threat to US national security, RBC-Ukraine reports, citing Trump's statement on the platform Truth Social.
In particular, US President Donald Trump declared the imposition of 100% tariffs on all films produced outside the country and imported into the United States.
Trump described the situation with Hollywood as a national security threat.
"The movie industry in America is DYING a very fast death. Other countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States," Trump wrote.
According to him, Hollywood and other filmmaking regions in the US are "devastated," and competition from foreign states is part of a "concerted effort" that harms America not only economically, but ideologically and in terms of security as well.
The US President emphasized that he has authorized the Department of Commerce and the US Trade Representative "to immediately begin the process of instituting a 100% tariff on any and all movies coming into our country that are produced in foreign lands."
US tariffs
US President Donald Trump had previously announced plans to impose tariffs, including on the import of cars and car parts starting in April this year.
This sparked concern in the market. European stocks fell after Trump announced a 25% tariff on car imports. This raised fears that the US President's trade policy could hurt corporate profits and the economy.
However, the EU has expressed a preference for resolving the issue through negotiations.
